The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
At a conference of investment professionals I recently attended, several private equity funds argued with considerable vigour that this year’s large losses in public markets would drive even more investors their way.
They were confident that their asset class would avoid the reckoning that stocks and bonds have been exposed to this year because they were structurally immunised against disruptive changes in the investment landscape.
I fear that this may prove to be too much bravado and misplaced self-confidence. Both the real economy and the financial system have entered a phase that is uncertain and destabilising for private as well as public market investors.
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